For those out there who have incredibly high federal loans (not private student loans), and are in the public service sector… it just may be your lucky day.
After 10 years of full-time employment in the public service industry you may be eligible to have all of your student loans forgiven (all excess student loans and taxes on student loans). Qualifying would put a recent grad on a repayment plan that would cap student loan payments at just 10% of their adjusted monthly income.
Now with that being stated, we at StudentLoansForCollege.org know that this is of little help to the majority struggling with student loans. Federal student loan repayment plans are often not the student loan “problem child”, that title typically goes to privet student loans.
All in all this is still good news on the “student loan front”. If you are hoping for the public-service student loan forgiveness, a wise choice would be to look into consolidating your student loans with the federal government, once that’s complete you can apply for IBR.
You will need to keep detailed records of all your student loan payments, since you will need this “proof” when it comes time to apply for forgiveness after 10 years of your student loan payments. What will you need to prove… that you made all the student loan payments on time and didn’t violate any other rules of the forgiveness offer.
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